Silver For The People

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AP IMPACT: The world braces for retirement crisis

AP IMPACT: The world braces for retirement crisis

In this Sept. 9, 2013 photo, Dong Linhua, 59, sits at the living room of his home in Shanghai, China. Dong, a former Shanghai factory worker and now a real estate investor, who owns three apartments and two small shop spaces says, “I heard that the authorities might postpone the age of the retirement, but I sure hope not, since I’ve already worked for almost 42 years.”

money.ca.msn.com / By Paul Wiseman, David McHugh And Elaine Kurtenbach / Updated: Mon, 30 Dec 2013 13:49:15 GMT 

WASHINGTON – A global retirement crisis is bearing down on workers of all ages.

Spawned years before the Great Recession and the financial meltdown in 2008, the crisis was significantly worsened by those twin traumas. It will play out for decades, and its consequences will be far-reaching.

Many people will be forced to work well past the traditional retirement age of 65 — to 70 or even longer. Living standards will fall, and poverty rates will rise for the elderly in wealthy countries that built safety nets for seniors after World War II. In developing countries, people’s rising expectations will be frustrated if governments can’t afford retirement systems to replace the tradition of children caring for aging parents.

The problems are emerging as the generation born after World War II moves into retirement.

“The first wave of under-prepared workers is going to try to go into retirement and will find they can’t afford to do so,” says Norman Dreger, a retirement specialist in Frankfurt, Germany, who works for Mercer, a global consulting firm.

The crisis is a convergence of three factors:

— Countries are slashing retirement benefits and raising the age to start collecting them. These countries are awash in debt after overspending last decade and racking up enormous deficits since the recession. Now, they face a demographics disaster as retirees live longer and falling birth rates mean there will be fewer workers to support them.

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H/t: NEETZEE

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